Conventional Loans
Florida Conventional Loans
A conventional mortgage loan refers to any mortgage loan not insured or guaranteed by the federal government. Conventional loans can be either “conforming” or “non-conforming.” However, conventional loan requirements generally refer to Fannie Mae’s or Freddie Mac’s mortgage guidelines.
This indicates that you can get a conventional loan from any lender that offers this type of mortgage, including large banks, credit unions, and smaller online and brick-and-mortar lenders. Because the government does not back them, conventional loans typically have stricter eligibility requirements and higher interest rates than government-backed loans like FHA, USDA, or VA.
How Do Conventional Loans Work?
Conventional loans serve as the basis for many other types of financing, such as FHA loans, and are available from many lenders. The main difference between a conventional loan and different types of mortgages is that a conventional loan isn’t insured or backed by the government. A conventional loan can be either conforming or non-conforming.
A conforming loan is a mortgage that meets the guidelines set by government-sponsored enterprises Fannie Mae and Freddie Mac. These guidelines include credit score, income level, debt-to-income ratio, and more. A non-conforming loan doesn’t meet these guidelines.
Conventional Loans Benefits
How To Qualify?
Why You Should Choose Us
Personal Loan Specialist
Adone Mortgage is a personal loan specialist that offers a wide range of mortgage products to suit your individual needs. Committed to providing excellent customer service to help you achieve your financial goals.
Honest Rates and Approvals
A variety of mortgage products are available to qualified buyers. Our mortgage loan officers are committed to finding the right loan for you and will work with you to get the best rate possible.
Competitive Rates
Our goal is to save you money and help you reach your financial goals with competitive mortgage rates. Paying your mortgage monthly will be one less worry you have to deal with.